If I fix now, will price cap apply after?

hilsisme

Hi,
It is looking like a good idea to fix now with my current provider (British Gas), given all the signs/analysis Martin has provided BUT:
If I choose to fix now, what happens in July 2023 when it ends? Will I revert to a price capped tarrif (like i am on now, due to 'Green', my old 'chosen provider', going bust) or will it be a free for all & because i chose a fix over a price cap & they can just charge me what they want?
Thanks
Hilary 

Alnat1

You will revert to the SVT if you don't choose to take another fix that might be offered at that time.

hilsisme

Thanks for replying.
Is an SVT not capped?
In other words, they can indeed charge you whatever they want?
Thanks

pochase

An SVT is capped, but only until the next cap.

We currently have the April cap, and they cannot charge you more, from October there will be a new cap and if it is higher than April (which it will be) they will increase the SVT.

hilsisme

Oh I see!
So I would move to a price capped svt ... in other words they can change it to whatever the current maximum price cap is at that time & whenever the cap changes, obvs they could/would change it again ... but not above the price cap rate at that time.

(Unless I am wrong & I have interpreted you incorrectly, in which case please do correct me!!)

Thanks👍🙂

pochase

That is correct. You can never be charged more than the current cap on SVT.

And coming from a fixed tariff you always will revert to the SVT if you don't chose a new fix. 

Alnat1

Most of the fixes on offer at the moment are at similar prices to what the Oct price cap is estimated to be, so it's a bit of maths then a bit of a gamble deciding which is the best way to go.

The price cap will go up in Oct, probably up again in Jan but possibly might come down slightly in Apr.